@Trevor BozichPartnership items between you and your mom should be reported on Form 1065.

3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow 

(I live in SF, CA).I found a property I like, but the inspection report just came back with a lot of items.

It sounds like you've done some nice stuff to make the house better for you, and you've taken care of some maintenance items (sump pump, water heater).

So I would assume any profits/losses just pass through to me and get taxed at my tax rate?

if not then your taking  riskDoes this mean  that you would need to be able to cover your loss and pay for the rest of the home outright? 

They can be very picky on seemingly innocuous items in the house that youd need to fix.

@Dominick Marschall first of all sorry for your loss. 

No loan, all cash.The expenses have been divided by categories (materials, utilities, paid contractors, insurance, other outside services, etc) and listed on the 1120S using TurboTax Business.My question is, how do I determine the Total Assets for Item F of Form 1120S?

Should I obtain the HELOC now before a possible market correction (and possible loss in equity) for cost of $1000 or wait to see if I'll need that additional money at all for deal #2.If I buy a property for $200k to $400k that needs rehab, I'll probably need additional funds.